Bitcoin Plummets as Traders Cash Out of Profits, Following Recent Rally

Bitcoin Plummets as Traders Cash Out of Profits, Following Recent Rally

Based on on-chain activities, analysts assert that there is massive profit-taking occurring in the market since Bitcoin (BTC) peaked at $42,600 on Sunday. As a result, the benchmark cryptocurrency plunged by over 10% since its recent peak.

On-chain analytics platform Glassnode noted that the big question in the mind of the BTC community is if this is a “Disbelief Rally,” where there is immense apprehension of the new bull rally, or simply a Bearish Relief Rally in a higher time-frame downtrend.

The analytics platform also noted that mass accumulation is taking place and shares a similar structure with the 2018 bear market.

Glassnode revealed that Bitcoin recorded a large volume of coin outflows from exchanges over the past week. The company noted that coin outflows currently rest around 100,000 coins per month, a level not seen since BTC broke the $20,000 barrier in November 2020. This outflow rate has caused the balance on crypto exchanges to drop to 13%, a three-year low.

That said, exchanges outflows are considered bullish indicators for the underlying cryptocurrency as it means liquidity drops significantly, causing a spike in demand and value.

Key Bitcoin Levels to Watch — August 3

BTC has fallen back into the $41,000 – $31,000 pivot zone as the market goes into correction mode following its 11-day-long bull run. BTC trading sentiment now resides in neutral conditions, as bulls will likely use the $38,500 as a ramp to drive prices higher.

BTCUSD – 4-Hour Chart

That said, bulls need to act fast while defending the $38,500 support, as bears could pick up the mantle, given the neutral price action in the market, and begin another bearish campaign. In summary, the $38,500 level is the crucial level to defend (or conquer by bears) to determine the next possible near-term direction for the cryptocurrency.

Meanwhile, our resistance levels are at $42,000, $42,600, and $43,000, and our key support levels are at $41,000, $40,500, and $39,500.

Total Market Capitalization: $1.57 trillion

Bitcoin Market Capitalization: $724.8 billion

Bitcoin Dominance: 46.2%

Market Rank: #1

 

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Bitcoin Begins August On a Bullish Footing as a Bullish Market Sentiment Solidifies

Bitcoin Begins August On a Bullish Footing as a Bullish Market Sentiment Solidifies

Bitcoin (BTC) has begun August on a bullish footing as the primary cryptocurrency extends its weekly gains to 15% and favorable conditions.

BTC hit $42,600 a few hours ago, its highest point since May 20, although it failed to secure its position above the $42,000 level and currently trades around the $41,400 level.

The recent mild correction comes partly from profit-taking actions by traders across the market. Meanwhile, the People’s Bank of China (PBOC) has reaffirmed its position to keep regulatory pressure on the cryptocurrency industry, which contributed to the current correction in the primary cryptocurrency.

Nonetheless, renewed bullish momentum around BTC remained unabated amid increased institutional demand and Adoption in financial transactions. This development comes after Bloomberg reported that Germany rolled out a new law, which comes into effect August 2, that would allow institutional funds to hold as much as 20% of their assets in cryptos.

The recent boost in the cryptocurrency received an additional boost from rumors that Amazon had plans to begin accepting cryptocurrencies as payment. However, the logistics giant has denied the rumors. Regardless, the cryptocurrency continued to post bullish gains.

Key Bitcoin Levels to Watch — August 1

After a sharp increase from the $38,500 on Saturday, the primary cryptocurrency finally snapped the $40,000 barrier and touched the $42,400 level before retreating to the $41,000 round figure. However, bulls forced another mild price rally, sending BTC to a six-week high of $42,600.

BTCUSD – Hourly Chart

While consolidating appears to be setting in, we believe that bulls still have fuel in the tank, and subsequent bullish rallies are likely in the near term. That said, any bullish move from the current price should get arrested by the critical $41,000 level, where a confluence of technical levels (support line, pivot zone, and 50 SMA).

Meanwhile, our resistance levels are at $41,000, $40,500, and $39,500, and our key support levels are at $42,000, $42,600, and $43,000.

Total Market Capitalization: $1.66 trillion

Bitcoin Market Capitalization: $780.4 billion

Bitcoin Dominance: 47%

Market Rank: #1

 

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Bitcoin Records Massive Crypto Exchange Outflows

Bitcoin Records Massive Crypto Exchange Outflows

According to new data from on-chain analytics platform Glassnode, Bitcoin exchange balances have plummeted to their lowest levels since the bearish market in late 2018.

A new report from market analyst Will Clemente shows that two massive outflows occurred over the past 24 hours. He noted that:

“Two massive outflows today: one worth 23,530 BTC this morning and another batch worth 40,181 BTC about a half-hour ago.”

BTC outflow from centralized cryptocurrency exchanges typically indicates an underlying bullish sentiment for the cryptocurrency. It means that the assets could be getting moved to cold storage in anticipation of a price rally.

Likewise, when there are significant inflows into crypto exchanges, it signifies a bearish outlook on the market as investors are getting ready for liquidation.

In April and May, the market recorded the mass transfer of BTC to exchanges, which reversed the year’s trend. Bitcoin peaked at $64,800 in April and has since remained in a downward trending pattern. That said, the ongoing mass withdrawal of BTC from exchanges indicates that the downward trend might have ended.

Bitcoin Sees Massive Whale Activities this Week

Over the past few days, blockchain and large transaction analytics platform Whale Alert observed about 50 transactions totaling 456k BTC worth $18.5 billion at current market prices. The platform noted on Wednesday that:

“9,977 #BTC (399,349,419 USD) transferred from unknown wallet to unknown wallet.”

Meanwhile, Bybt and CryptoQuant revealed that the market recorded its highest one-day outflow of coins over the past year this week, with 57k BTC leaving crypto exchanges under 24 hours.

While it is unclear which entities own these whale addresses or where the crypto assets are getting moved to, there is no denying that Bitcoin is rapidly leaving centralized exchanges.

 

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Bitcoin Bulls Lose Momentum as Fear and Greed Index Becomes Neutral

Bitcoin Bulls Lose Momentum as Fear and Greed Index Becomes Neutral

According to new reports, Bitcoin (BTC) has entered neutral levels on the Fear and Greed Index for the first time since May 12. Before now, it remained in a drawn-out phase of either fear or extreme fear. The previous prolonged fear state emanated from the plummeting prices, overall stagnation, and investor indecisiveness seem recently.

As we know, the cryptocurrency market, like other financial markets, is run on emotions. Whenever there is a significant price rally, traders get greedy. Likewise, whenever there is a notable price slump, they get fearful.

That said, market sentiment is a crucial factor to keep an eye on when making trading or investment decisions. The Fear and Greed Index is the perfect tool for monitoring this significant market factor. The Index monitors data from key market pulse points like volatility, momentum, trading volume, asset dominance, surveys, and trends.

The BTC Fear and Greed Index is neutral, indicating that investors and traders are waiting on more market clarity to place their bets.

Typically, when the Index is in extreme fear, it is usually a time to buy. Likewise, when it is in “extreme greed,” it is a time to take profits or sell. Neutral conditions indicate market uncertainty, meaning it is advisable to stay on the sidelines.

Key Bitcoin Levels to Watch — July 29

Following its recent price rally, the BTC bullish momentum appears to have cooled off below the $41,000 pivot level. After several failed attempts to break the $40.5k resistance, the benchmark cryptocurrency is on its way down towards $39.5k.

BTCUSD 4-Hour Chart

There currently lies a confluence of technical levels at the $39.5k line (support line and 50 SMA), indicating that this support should hold over the coming hours and provide a possible boost for the primary cryptocurrency. While it is unlikely, we could see Bitcoin touch $38k if bulls fail to defend the critical $39.5k line.

Meanwhile, our resistance levels are at $40,500, $41,000, and $42,000, and our key support levels are at $39,500, $38,500, and $37,500.

Total Market Capitalization: $1.54 trillion

Bitcoin Market Capitalization: $747.9 billion

Bitcoin Dominance: 48.4%

Market Rank: #1

 

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Investing in the Cryptocurrency Industry Based on Sectoral Divisions: A Complete Guide

Investing in the Cryptocurrency Industry Based on Sectoral Divisions: A Complete Guide

With the growing boom in the cryptocurrency industry and the fear of missing out on a trending investment, many investors buy into crypto projects without knowing what they are or do. While cryptocurrencies are trendy and very profitable, it helps to know exactly what it is you are venturing into.

In this article, we will dive into the different kinds of cryptocurrency available in the market and what they entail. Let’s get right into it!

Sectoral Division of Cryptocurrency

Understanding the concept behind a digital asset and having insight into the seasonal cycle or beneficial undertones of that asset puts you, as an investor, ahead of the game. The key concepts behind cryptocurrencies classify them into niche sectors, giving them unique investment potentials. Listed below are the different classifications (sectors) of cryptocurrency:

Store of Value (SoV)

As the name implies, stores of values are cryptocurrencies that serve as a reserve or hedge assets against inflation. A store of value is an excellent investment tool and is highly recommended for fledgling investors.

Currently, only Bitcoin (BTC) falls into the SoV category. While Bitcoin is yet to reach its full potential, it has gained recognition as a store of value and is sometimes referred to as “digital gold.” This explains why many companies store a percentage of their cash reserves in Bitcoin.

Investment Recommendation: Excellent

Distributed Computing

Distributed computing cryptocurrencies, also called blockchain platforms, are the next most reliable crypto investment options being the SoV category (Bitcoin). This category involves cryptocurrency ecosystems, where developers build and distribute other cryptocurrencies. The future of the crypto industry relies heavily on this category, giving them a healthy level of durability and staying power in the financial industry.

The most prominent cryptocurrency in this category is Ethereum (ETH). Ethereum hosts a vast amount of developers, crypto assets, and crypto products and applications. Other top contenders in this category include Binance Smart Chain (BNB), Cardano (ADA), Tron (TRX), and several others.

Investment Recommendation: Excellent

Financial Services

One of the latest booms in the crypto industry is Decentralized Finance (DeFi), which has grown to a +100 billion dollar industry in just a year. While the sector involves many technicalities and niche knowledge, the payouts are worth the stress. Several reports have noted that DeFi is the future of finance due to its efficiency as a financial tool.

While investing in the DeFi sector (Financial Services) is relatively riskier than most other crypto-based investments, the profit potentials make it worthwhile.

Some prominent DeFi projects currently killing it in the market include Uniswap (UNI), Chainlink (LINK), Avalanche (AVAX), Aave (AAVE), PancakeSwap (CAKE), Maker (MKR), Compound (COMP), yearn.finance (YFI), and many others.

Investment Recommendation: Excellent

Exchange Tokens

Exchange tokens are cryptocurrencies used on blockchain ecosystems for a variety of purposes including, facilitating transactions, staking, voting, and many other functions. Most cryptocurrencies in the distributed computing sector fall into this category. However, traditional exchanges are difficult to operate given the continual risk of legal and regulatory challenges. Regardless, exchange tokens can be lucrative crypto ventures.

Investments Recommendation: Good

Stablecoins

Stablecoins, one of the fastest-growing sectors in the crypto industry, are digital currencies pegged to real-world assets (usually the US dollar). Because stablecoins are (usually) pegged to the dollar (meaning they mirror the dollar’s price action), they do not possess the typical volatility that comes with digital currencies.

That said, stablecoins are not ideal for profit-making ventures and can only get used as a reserve due to their non-risk nature.

Some examples of stablecoins include USDT (Tether), USDC (USD Coin), BUSD (Binance USD), DAI (Dai), TUSD (True USD), and many more.

Investment Recommendation: Good

Gaming

In some sense, blockchain economies are similar to video game economies, where you purchase real money to purchase virtual goods for the game. One popular gaming-like Crypto project is Decentraland (MANA), which allows users to buy virtual assets in a fully immersive VR world. Instead of purchasing real-world assets like real estate, the user could acquire virtual real estate in Decentraland.

While we cannot say for sure that Decentraland will still exist in the next ten years, virtual real estate is staying a trend of the future.

Investment Recommendation: Good

Meta Chains

These are crypto-based projects that provide network interoperability between blockchains, much like how there are companies that provide interoperability between Windows and Mac OS. For example, meta chain protects can facilitate data exchange between the Ethereum and Cardano blockchains.

Investment Recommendation: Good

Meme Coins

Over the last few months, the crypto industry has witnessed the rise (and sometimes fall) of a new breed of digital assets known as meme coins. Typically, meme coins possess no intrinsic value and often serve no purpose. As the name implies, they are digital assets created around jokes, images, or social media trends.

Not surprisingly, this category of cryptocurrency is the most volatile amongst other categories, as that is the whole idea behind them. While they usually lack a healthy community who believe in the technology behind the project, this crypto category relies on internet hype and promotion from influential personalities like Elon Musk.

Meme coins are often restricted to a few exchanges due to their unrestrained nature. We have seen meteoric rises and dips in several meme coins over the past few months, including the likes of Dogecoin (DOGE), Shiba Inu (SHIB), SafeMoon (SAFEMOON), and several others.

While many investors avoid meme coins because of their volatile nature, the payoffs are usually worth the risk.

Investment Recommendation: Good

Privacy Coins

While they claim to be anonymous, Bitcoin and other mainstream cryptocurrency are not completely anonymous. Transaction histories on mainstream cryptocurrencies are readily available to anyone interested in viewing it. With privacy coins, however, it is a different story. Transaction histories are totally out of reach from inquirers.

While transactions are used for legitimate purposes, like protection of privacy or avoidance of tyrannical governments, they are heavily used for shady transactions. This places privacy coins in a position where widespread or mainstream adoption is unlikely.

Investment Recommendation: Poor

Layer 2 ETH Solutions

Layer 2 ETH solutions are crypto projects built on top of a blockchain and require no changes to the Layer 1 network (Layer 1 refers to the underlying blockchain architecture being used and changes to this network are cashed Layer 1 solutions. Examples include Bitcoin and Ethereum).

While Layer 2 solutions have to leverage the security of the consensus mechanism of the host Layer 1 network, they are capable of increasing transaction speeds dramatically. On average, Ethereum’s Layer 1 can handle about 15 transactions per second, while Layer 2 projects can facilitate up to 4,000 transactions per second.

Some examples of Layer 2 ETH solutions include Polygon (MATIC), OMG Network (OMG), Cartesi (CTSI), and many others.

Investment Recommendation: Good

Conclusion

The primary objective of an investment-based venture (like trading cryptos), above everything else, is to realize profits. That said, it is advisable to take time in understanding exactly what it is you might be putting your capital into to give you a better knowledgeability grasp of your investment of choice. Investing in the crypto sector based on a sectoral perspective gives you an edge over the rest of the market.

 

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Bitcoin Regains Bullish Sentiment Amid Tesla’s Q2 Earnings Report

Bitcoin Regains Bullish Sentiment Amid Tesla’s Q2 Earnings Report

Tesla released its Q2 earnings report yesterday, which showed that the company’s net Bitcoin (BTC) holding has a value of $1.311 billion as of June 30.

The electronic vehicle manufacturer did not make any additional BTC purchase, nor did it sell any of its holdings in the second quarter of this year.

Meanwhile, the cash flow statement revealed that Tesla only sold some of its Bitcoin holdings in Q1 for $273 million. However, Tesla CEO Elon Musk previously explained that this sale was to test Bitcoin’s liquidity. Musk tweeted on June 13 that:

“Tesla only sold ~10% of holdings to confirm BTC could [get] liquidated easily without moving market.”

In April, Tesla revealed that its BTC holding was worth $2.5 billion through a filing with the U.S. Securities and Exchange Commission (SEC).

The company’s Q2 earnings report mentioned BTC only once under the “profitability” section, highlighting the components offering its operating income, including a “bitcoin-related impairment of $23M.”

That said, Tesla’s financial statement release confirms Musk’s previous tweet, asserting that Tesla had “diamond hands” and would not sell its holdings amid a market crash.

Tesla announced in late February that it would begin accepting BTC as payments for its vehicles. However, it announced in May that it was no longer allowing the primary cryptocurrency as payment, citing environmental concerns as the reason.

Key Bitcoin Levels to Watch — July 27

BTC posted a massive bullish rally yesterday, beginning with an overnight $4,800 surge from $35,000 to $39,800. The benchmark cryptocurrency met some resistance at the psychological $40,000 mark and corrected mildly to the $37,700 support area.

BTCUSD – 4-Hour Chart

However, bulls attacked the market again, sending the cryptocurrency to the $40,500 level, a few points away from the $41,000 pivot zone. Subsequently, some news from Amazon triggered a 10% drop within a few hours, erasing most of the day’s gains.

That said, we expect BTC bulls to facilitate another rally near the $40,000 level over the coming hours.

Meanwhile, our resistance levels are at $37,500, $38,500, and $39,500, and our key support levels are at $37,000, $36,000, and $35,000.

Total Market Capitalization: $1.47 trillion

Bitcoin Market Capitalization: $698.5 billion

Bitcoin Dominance: 47.4%

Market Rank: #1

 

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Bitcoin Rebounds Near $35,000, as Market Sentiment Turns Bullish

Bitcoin Rebounds Near $35,000, as Market Sentiment Turns Bullish

It appears that Bitcoin (BTC) bulls have regained control over the market in the past few days, which has pushed the cryptocurrency to an 18-day high near $35,000. At the same time, the altcoin sector has posted an immense recovery, flipping the broader market sentiment to bullish.

The benchmark cryptocurrency’s bullish recovery began after it bottomed out at $29,280 on July 20 and bounced to the $30,000 level in a few hours. Shortly afterward, the cryptocurrency got some fundamental-based boost from the recently concluded “B-Word” event, which saw positive comments from Elon Musk and Jack Dorsey.

The recent development has helped the primary cryptocurrency climb by over 18% in the past five days. Meanwhile, the cryptocurrency’s market valuation climbed above $650 billion today, after falling below $560 billion last week. Also, its market dominance remains above 46%.

Like the crypto leader, Ethereum (ETH) has had a good run over the past five days, gaining close to $500 or +27%. The second-largest cryptocurrency is now on the cusp of breaking the $2,200 resistance. Binance Coin (BNB) has also climbed above the $300 mark because of the recent surge in Bitcoin.

The entire crypto market valuation now stands above $1.4 trillion after gaining over $200 billion this week.

Key Bitcoin Levels to Watch — July 25

BTC finally decimated the critical bearish trendline on Friday after several failed attempts. The benchmark cryptocurrency is now at the doorstep of $35,000 and could claim this level in the coming hours, given the prevailing bullish sentiment.

BTCUSD – 4-Hour Chart

That said, we could see some minor corrections before the break above the $35,000 level. BTC could drop to the $34,000 – $33,750 axis, where bulls should facilitate another bull run. Bears would have a difficult time directing market movements as the sentiment is Bullish above $33,000.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.41 trillion

Bitcoin Market Capitalization: $647.3 billion

Bitcoin Dominance: 46%

Market Rank: #1

 

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Ways to trade Bitcoin – Everything you should know

Ways to trade Bitcoin – Everything you should know

Bitcoin is the biggest cryptocurrency in the world and is among the most popular digital coins among traders. For many, Bitcoin is a great investment option. Released back in 2009, Bitcoin is known for paving the way for other altcoins in the market.

Cryptocurrency has seen a huge transformation in recent years. While some still remain to be skeptical about Bitcoin, this digital coin has many times proved that it can be a great option for investment.

But, how exactly do you trade Bitcoin? There are quite a few ways you can invest in Bitcoin and use it to earn profits. For example, you can sign up on one of the many crypto exchanges in the market, make deposits and start buying and selling cryptocurrencies. You can also trade Bitcoin CFDs, which offer you the ability to speculate on the price movements in the market.

No matter which option you choose, you will always be required to do adequate research to make correct predictions and open the right orders.
Crypto exchanges
One of the most popular ways of trading Bitcoin is using crypto exchanges. There are numerous of them available in the market and they make your job very easy. There are numerous crypto exchanges in the market, among them are Binance, Kraken, Coinbase, and many others.

Getting started at these exchanges should not be a problem. Creating an account should not take more than a few minutes, after which, you will have to wait a day or two for verification. Then, all you have to do is to deposit funds and start trading crypto.

After trading and making profits, you can withdraw your Bitcoins from your favorite wallet. There are numerous software wallets offering you high standards of safety and security. In most cases, you should also be able to withdraw your funds in fiat currencies, but it largely depends on the crypto exchange you are using.

Best trading strategies for Bitcoin
Adopting a proven and useful strategy for Bitcoin trading is very important. Because the market is so volatile, trading can get quite emotional. By having a specific plan beforehand, you can make sure that you follow your initial thoughts and decisions without making emotional decisions.

There are two main ways you can trade crypto, one is trading crypto-asset spot, and the other is trading it with margin. A trading spot is a great option for those who prefer to avoid huge risks, it basically means buying cryptocurrency and holding it for as long as you like.
Trading Bitcoin with margin usually happens using futures contracts or CFDs and offers you the ability to increase your potential profits. But, you should not forget that in addition to increasing profits, margin trading also increases the risks of trading.

Depending on the way you trade crypto, you can better choose which trading strategy fits you best. For example, if you are a spot trader, you should know that one of the best strategies to choose is long-term trading, or simply holding cryptocurrency for a long time. On the other hand, if you prefer short-term trading with a margin, it might be better to trade using CFDs or futures.

However, remember that trading crypto is not an easy task as it takes a lot of time to really understand how the prices are moving and how the market is reacting to different types of events around the world. But, there are some things that can make trading easier for you.

Trading Bitcoin with bots
There is a certain limit when it comes to the data a human can analyze in a short time. On the other hand, crypto trading bots can analyze huge chunks of data in a very short time. There are numerous trading bots that you can use to minimize the time spent analyzing the market.

There are numerous trading bots available in the market that can help you trade crypto more efficiently. One of such trading bots, which is known for its high standards of safety and security, is Bitsgap’s trading bot.

The trading bot created by Bitsgap is capable of not only analyzing the market data but is also able to actually trade crypto for you. The trading bot uses different types of strategies and can be used in both uptrend and a downtrend, which makes it a great fit for traders.

Bitsgap crypto trading bot can be used with over 25 crypto exchanges in the market, including those like Binance, Kraken, and many others. You can create a trading strategy with this bot in just a few clicks and you can always backtest your strategy before applying it to your actual trades.
Earning profits
Depending on the trading strategy you choose, you can receive both short-term and long-term profits with crypto trading. Let’s say that you have decided to trade crypto using a long-term trading strategy. This means that you will be buying Bitcoin at a low price and hold it for as long as you want, until the price increases.

As the price is up and you believe that it is time for you to sell your Bitcoin, you will be able to earn profits according to the difference between the buy and selling prices.

On the other hand, using short-term trading strategies, you will be able to make profits quickly, however, keep in mind that these profits might not be a lot. In most cases, short-term traders prefer to use leverage and margin trading to increase the profits they make.

All-in-all, thanks to modern technologies, trading cryptocurrencies should not be that hard. Traders all around the world have access to this market and all you have to do to become a part of this market is to sign up with one of the leading crypto exchanges in the market.

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  • Award-winning Cryptocurrency trading platform
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Bitcoin Surges as Elon Musk Proposes Condition for Reacceptance by Tesla

Bitcoin Surges as Elon Musk Proposes Condition for Reacceptance by Tesla

Bitcoin (BTC) witnessed a massive bullish spike yesterday following confidence-boosting comments from Elon Musk at an event on Wednesday. Musk reiterated his support for the benchmark cryptocurrency at a virtual panel hosted by Crypto Council for Innovation, which also hosted Jack Dorsey and Cathie Wood.

Back in May, the Tesla CEO triggered the prevailing bearish market conditions after announcing the withdrawal of BTC support by Tesla on environmental concerns. Musk argued that the primary cryptocurrency was a significant contributor to environmental degradation due to heavy fossil fuel use by its miners.

However, during the seminar yesterday, Musk asserted that Tesla could start accepting Bitcoin again if miners reach 50% in renewable energy usage. The billionaire CEO noted that:

“As long as there is a conscious effort to move bitcoin miners toward renewables, then Tesla can support that.”

This statement triggered a frenzied excitement in the crypto community, which sent BTC flying above the $32,000 level. The cryptocurrency gained 7.6% over the ensuing hours, peaking at $32,950. At press time, BTC trades around $32,000.

Key Bitcoin Levels to Watch — July 22

After starting the week on an overt bearish bias, BTC appears to have calmed the raging bearish momentum. The primary cryptocurrency posted a bull rally from the $29,500 support to the $33,000 area (a $3,500 increase) under 16 hours. However, bears snapped back into action at the psychological level, sending the cryptocurrency to the $31,500 support (buoyed by the 4-hour 50 SMA).

BTCUSD – 4-Hour Chart

Bitcoin now trades at the $32,000 level as bulls will likely try to push prices higher over the coming hours. The first resistance is the $32,800 line, where our descending trendline occupies. That said, a sustained break above the $33,000 psychological resistance could help BTC regain a bullish or less bearish momentum.

Meanwhile, our resistance levels are at $32,800, $33,000, and $33,750, and our key support levels are at $31,500, $31,000, and $30,500.

Total Market Capitalization: $1.32 trillion

Bitcoin Market Capitalization: $602.6 billion

Bitcoin Dominance: 45.8 %

Market Rank: #1

 

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  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
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9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Fidelity Digital Assets Reveals Significant Institutional Crypto Adoption in Coming Years

Fidelity Digital Assets Reveals Significant Institutional Crypto Adoption in Coming Years

According to a recent study organized by Fidelity Digital Assets, seven out of ten global institutional investors (70%) will likely purchase cryptocurrency in the future. Meanwhile, 50% of the participants in the survey revealed that they already own cryptocurrencies.

Most of the participants asserted that the highly volatile nature of digital assets was not enough to stop them from purchasing cryptos soon.

Of the 1,100 participants involved in the survey, 90% of those who exhibited an interest in cryptocurrency expect their portfolio or that of their customers to hold direct cryptocurrency investments within the next five years.

The survey consisted of institutional players like hedge funds, high net worth individuals, financial advisors, endowments, and family offices. Interestingly, Fidelity Digital Assets was one of the first financial services providers to adopt cryptocurrency.

Previous Surveys by Fidelity Digital Assets

The Boston-based financial services company carried out a similar survey last year, where it discovered that 36% of institutional investors admitted to owning digital assets or their derivatives. At the time, the financial services company asserted that 27% of all institutions based in the US had purchased cryptocurrency. Not surprisingly, about 25% of the participants held Bitcoin, while 11% held Ethereum.

Later in 2020, the company published a report terming Bitcoin an “aspirational store of value.” Fidelity noted that the benchmark cryptocurrency is still a relatively young asset class and is open for mass adoption.

While the company highlighted gold as the undisputed leader amongst traditional investment options, it argued that Bitcoin could catch up to it once it receives mass adoption. Speaking on the matter, investor John Pfeffer noted that:

“Most people in the world don’t yet see Bitcoin as digital gold. As soon as people see it in a different way, the price will adjust.”

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.